The Nigerian Naira recorded a slight improvement against the US dollar on the official NAFEM window today, closing at N1,344/$ while experiencing notable volatility across parallel market (IMTO) rates.
The Central Bank of Nigeria (CBN) reported rate of N1,344 per US dollar on 16th February 2026, marked a modest appreciation of 1.04% or N14 from the previous day’s close of N1,358/$1.
Parallel market rates, tracked through the International Money Transfer Operators (IMTO) segment by LEMFI and Remitly, showed sharper movements:
– US Dollar IMTO rate: N1,224.71/$1 (down 13.77% or N168.64 from N1,393.35/$1 the previous day)
– British Pound IMTO rate: N1,568.96/£1 (down 21.39% or N335.59 from N1,904.55/£1)
– Euro IMTO rate: N1,540.50/€1 (down 6.06% or N93.32 from N1,633.81/€1)
– Canadian Dollar IMTO rate: N896.43/C$1 (down 14.34% or N128.51 from N1,024.94/C$1)
The Central Bank continues to intervene in the forex market to support stability, while external reserves remain above the $47 billion mark, providing a buffer against external shocks. External reserves stood at $47.809 billion as of 12th February 2026, reflecting a marginal 0.28% increase from $47.673 billion recorded the previous week.
The Naira has faced sustained pressure in recent months due to global commodity price fluctuations, domestic fiscal needs, and foreign exchange demand from importers and individuals.
